Let’s create an invoice for 37signals. We’re big fans of Basecamp, so Peter decides to give them a €200 discount. The standard rate of VAT is calculated for us. The VAT return is automated, and we can then send the invoice as a lovely personalised PDF. This is then ticked off in the ‘To Do List”

Let’s look at ‘Money In’, because getting paid is always nice. Clicking on ‘Invoices’, we see the one we have just created. Click Save and VAT is starting to calculate in the To Do List.

Expenses are also important. Peter creates a ‘Mileage Expenses’ report. One of Bullet’s most innovative features, this is integrated with Google Maps. Both the distance and rate are automatically calculated. All you have to do is drag and drop pins on the map! In this example, we went from Dublin to Galway. If you need an alternative route, just drag and drop. Detours can be added and removed as necessary. Put in the reason for the journey and the tax refund is calculated automatically.

In ‘Wages’, expenses for each employee are automatically added in. Here Peter pays himself, good man Peter. Personal and company pension contributions can be added, as well as health insurance. His mileage expenses are already included. As always, explanations are in simple English. Payslips can be emailed to the employee’s inbox, straight from the software.

In ‘Tax’, both the VAT bill and the P30 are correlated with our money out.

In ‘Money Out’, Peter shows us how to record the payment of a utility bill. It’s put in as a service, electricity. Click Review and Save, then continue. Now the ESB bill is added. We’re now owed money on our VAT

Peter treated himself to a nice Mac, but forgot the company credit card! It’s ok, it happens. The supplier and type of product is put in. The little warning reminds us that, because Peter paid for it himself, there are two separate entities.

If Peter goes and pays himself again, the laptop expense is added. The amount on the VAT bill also changes.

And that’s it! How to use Bullet in 3 minutes. We’ll be posting more videos over the next few weeks with certain aspects in more details. For now though, feel free to drop us a line.

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I would make one point. The turnover threshold for audit accounts is indeed a useful exemption. However, it only exempts a company from audit. The company must still file accounts in the statutory format per the Companies Acts. You may still need an accountant for this.

bullethq

Hi John. Thanks for the nice comments!

As you say, every company has to file statutory accounts each year – I think the confusion is that many people think that these accounts must be signed by an accountant, which they don’t for many people. Using Bullet, many people could do this process themselves as we produce end of year B1 Annual Return.